What is happening in the Northwoods’ real estate market? Unit sales for YTD to July 15, 2013 have increased from 471 units sold in 2012 to 492 units in 2013. That is a 4.4% increase. Dollar sales for that same time period have gone from $96,028,956 in 2012 to $91,592,480 this year. That is a drop of over $4.4M and 4.6%.
What I have done is broken down the volume differences by price range. The biggest difference is the number of homes sold under $100K. 30 more homes have sold this year in this range than last year (a 27% increase). The rest of the ranges are quite similar to last year with most ranges being flat or slightly up.
We still are seeing slow activity in the upper ranges. Premium lake homes are still being heavily discounted. This is in spite of the recovery that is being seen elsewhere in the country.
I have no explanation for all of the activity in the sub $200K market. Perhaps the very attractive interest rates combined with the very good value for homes.
To summarize, we are selling more homes, but they are lower priced homes. Unit sales are up but dollar sales are down. The values are still very attractive for buyers. It is a great time to be a buyer!!